Debit cards are widely used today in payment transactions throughout the world. Prepaid cards such as prepaid debit or gift cards store a fixed amount of value on the cards for use. When the card is used to purchase goods and services, the cost of those goods and services is debited from the account up to the monetary sum stored in the card. Such cards are typically associated with an account maintained at a financial institution that issued the card. Prior to using the card for purchasing goods and services from a seller or merchant, a user typically deposits or stores a sum of money into the account associated with the card.
In some cases, the prepaid cards may be set up to store a fixed amount of value on a limited periodic basis, for instance, to have periodic limits such as weekly limits. In other cases, no time limits are imposed on the cards. That is, a user may hold onto the card and use the value amount stored in the card for goods and services until all the value is depleted. Yet in other cases, financial institutions issuing the card impose a time limit for usage, for example, one year, after which surcharge is subtracted from the value amount stored in the card. In all these cases, the user or the holder of the prepaid card has no recourse but to use up all the value left on the card.